Long-term care insurance should be a ‘major consideration’ GlobeInvestor
Financial advisors should consider long-term care as part of a person’s total financial plan – and an important risk to be coveredLong-term care insurance has been called one of the most misunderstood of the living benefits products, but advocates for the product stress its diversity and importance – especially as the country ages and LTC becomes more costly.
As Canada’s population ages, the need for LTC is expected to rise. According to the Conference Board of Canada, more than 2.4 million Canadians aged 65 or older will require paid and unpaid care support by 2026, 71 per cent more than required LTC in 2011. By 2046, that number is expected to rise to 3.3 million people, which is almost 10 per cent of Canada’s current population.
“That is,” says Mr. Halpern, “unless you have a parent or a grandparent who has needed long-term care because this will make you more sensitive to the issue.” “I’m suggesting we diversify their [insurance] portfolios a bit more and incorporate a piece of long-term care, critical illness and disability,” Ms. Jacobs says. “It’s not costing them more, per se, it’s just giving them much more diverse protection.”
“It’s not necessarily all or nothing,” says Ms. La Gamba, “but if you don’t have any coverage you’re going to pay 100 per cent [yourself].”
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